FLORIDA ANNUAL FINANCIAL AUDIT REPORT FISCAL YEAR ENDED SEPTEMBER 30, 2008_part2 potx

PALM BEACH COUNTY, FLORIDA Balance Sheet Governmental Funds September 30, 2008 Fire General Rescue Sheriff Government Special Revenue Special Revenue Capital General Fund Fund Projects ASSETS Cash and cash equivalents 172,834,451$ 97,887,175$ 58,955,246$ 202,741,124$ Investments - - 1,305 - Accounts receivable, net 5,627,194 1,353,962 322,494 101 Due from other county funds 77,469,488 3,401,270 563,235 593,884 Due from other governments 3,654,273 1,414,699 975,664 422,759 Inventory 1,998,639 2,527,932 2,587,993 - Other assets 3,330 75 111,712 - Other receivable, noncurrent - - - 2,050,000 Total assets 261,587,375$ 106,585,113$ 63,517,649$ 205,807,868$ LIABILITIES Vouchers payable and accrued liabilities 10,714,139$ 11,879,796$ 32,550,575$ 19,611,831$ Due to other county funds 12,399,398 171,032 12,452,182 1,311 Due to other governments 908,102 416,841 3,467,185 100,014 Due to component unit 266,086 - - - Due to individuals - - - - Insurance claims payable - - 1,307,282 - Deferred and unearned revenue 15,000,010 - - - Other liabilities 1,725,840 - 7,734,480 - Matured principal and interest payable - - - - Total liabilities 41,013,575 12,467,669 57,511,704 19,713,156$ FUND BALANCE Fund balances: Reserved for debt service - - - - Reserved for inventory 1,998,639 2,527,932 2,587,993 - Reserved for noncurrent loans receivable - - - 2,050,000 Unreserved, reported in: General Fund 218,575,161 - - - Special Revenue Funds - 91,589,512 3,417,952 - Capital Projects Funds - - - 184,044,712 Total fund balance 220,573,800 94,117,444 6,005,945 186,094,712 Total liabilities and fund balance 261,587,375$ 106,585,113$ 63,517,649$ 205,807,868$ MAJOR FUNDS The notes to the financial statements are an integral part of this statement. I-8 This is trial version www.adultpdf.com Road Program Other Total Capital Governmental Governmental Projects Funds Funds 383,970,697$ 718,772,924$ 1,635,161,617$ - 919,500 920,805 - 10,562,561 17,866,312 - 15,463,635 97,491,512 4,462,568 24,504,754 35,434,717 - 5,406,974 12,521,538 - 1,455,463 1,570,580 - 16,308,941 18,358,941 388,433,265$ 793,394,752$ 1,819,326,022$ 10,663,311$ 37,567,261$ 122,986,913$ 47,194 79,779,999 104,851,116 7,026 11,042,026 15,941,194 - - 266,086 - 735,900 735,900 - - 1,307,282 - 30,740,673 45,740,683 - 1,317,692 10,778,012 - 64,819 64,819 10,717,531$ 161,248,370$ 302,672,005 - 34,123,198 34,123,198 - 5,406,974 12,521,538 - - 2,050,000 - - 218,575,161 - 181,238,012 276,245,476 377,715,734 411,378,198 973,138,644 377,715,734 632,146,382 1,516,654,017 388,433,265$ 793,394,752$ 1,819,326,022$ I-9 This is trial version www.adultpdf.com I-11 This is trial version www.adultpdf.com PALM BEACH COUNTY, FLORIDA Statement of Revenues, Expenditures, and Changes in Fund Balances Governmental Funds For the fiscal year ended September 30, 2008 Fire General Rescue Sheriff Government Special Revenue Special Revenue Capital General Fund Fund Projects Revenues: Taxes (net of discount) 674,913,810$ 195,976,807$ -$ 81$ Special assessments - 303,720 - 1,010,396 Licenses and permits 3,885,447 4,077 - - Intergovernmental 31,708,356 381,715 - 3,761,370 Charges for services 69,059,861 30,897,059 1,858,607 3,531,006 Less - excess fees paid out - - - - Fines and forfeitures 1,399,126 - 126,728 1,049,334 Investment income 17,060,682 6,313,431 242,926 12,315,637 Miscellaneous 7,373,862 280,430 28,784 3,223,507 Total revenues 805,401,144 234,157,239 2,257,045 24,891,331 Expenditures: Current: General government 123,616,503 - 18,933,887 25,404,570 Public safety 33,598,692 209,244,939 380,967,983 169,783 Physical environment 13,456,825 - - 875,571 Transportation 7,065,807 - - 624,705 Economic environment 28,671,979 917,082 - 90,680,397 Human services 54,722,884 - - - Culture and recreation 60,394,430 - - - Capital outlay 871,777 3,737,765 27,207,798 32,335,993 Debt service - - - 1,630,099 Total expenditures 322,398,897 213,899,786 427,109,668 151,721,118 Excess of revenues over (under) expenditures 483,002,247 20,257,453 (424,852,623) (126,829,787) Other financing sources (uses): Transfers in 33,039,979 7,056,212 434,591,773 24,955,677 Transfers out (538,231,869) (10,180,000) (8,615,725) (16,534,792) Issuance of long-term debt - - - 81,568,330 Premium (discount) long-term debt - - - 3,937,782 Issuance of refunding debt - - - 16,511,670 Premium (discount) refunding debt - - - 797,115 Payment to escrow agent for refunding - - - (17,069,579) Total other financing sources (uses) (505,191,890) (3,123,788) 425,976,048 94,166,203 Net change in fund balances (22,189,643) 17,133,665 1,123,425 (32,663,584) Fund balances, October 1, 2007 242,836,817 76,621,912 4,882,520 218,758,296 Increase (decrease) in reserves, inventory (73,374) 361,867 - - Fund balances, September 30, 2008 220,573,800$ 94,117,444$ 6,005,945$ 186,094,712$ MAJOR FUNDS The notes to the financial statements are an integral part of this statement. I-12 This is trial version www.adultpdf.com Road Program Other Total Capital Governmental Governmental Projects Funds Funds 33,743,071$ 156,015,130$ 1,060,648,899$ 19,026,479 10,426,231 30,766,826 - 10,606,314 14,495,838 13,870,421 181,531,473 231,253,335 1,106,090 156,717,465 263,170,088 - (48,986,202) (48,986,202) - 10,834,307 13,409,495 19,395,145 29,230,865 84,558,686 2,977,846 11,372,272 25,256,701 90,119,052 517,747,855 1,674,573,666 5,322,302 137,052,468 310,329,730 - 29,299,887 653,281,284 - 10,564,805 24,897,201 10,729,858 117,960,003 136,380,373 - 54,749,594 175,019,052 - 45,137,638 99,860,522 500,000 45,759,546 106,653,976 54,739,281 126,542,322 245,434,936 - 125,684,602 127,314,701 71,291,441 692,750,865 1,879,171,775 18,827,611 (175,003,010) (204,598,109) 804,650 290,070,692 790,518,983 (26,689,979) (189,912,366) (790,164,731) - 223,357,676 304,926,006 - 1,508,526 5,446,308 - 37,239,596 53,751,266 - - 797,115 - (37,115,938) (54,185,517) (25,885,329) 325,148,186 311,089,430 (7,057,718) 150,145,176 106,491,321 384,773,452 482,105,276 1,409,978,273 - (104,070) 184,423 377,715,734$ 632,146,382$ 1,516,654,017$ I-13 This is trial version www.adultpdf.com PALM BEACH COUNTY, FLORIDA Reconciliation of the Statement of Revenues, Expenditures, and Changes in Fund Balances of Governmental Funds to the Statement of Activities - Governmental Activities For the fiscal year ended September 30, 2008 Net change in fund balances for total governmental funds (page 13) 106,491,321$ Cumulative effect of prior years for change in accounting principle (7,054,000) Report internal service funds as governmental activities Internal service funds are used by management to charge the cost of certain activities, such as vehicles, computer systems, printing, and insurance to individual funds. The net revenue (loss) of the internal service funds is reported with governmental activities. Net income (loss) per fund statements 9,206,928$ Less current year allocation to business-type activities (1,079,212) Less current year allocation to component units 1,444 8,129,160 Report as an asset the cost of general capital assets and accumulated depreciation Governmental funds report capital outlays as expenditures, but capital purchases increase assets in the statement of net assets and do not result in an expense. 244,730,692 31,577,235 The cost of capital assets is allocated over their useful life as depreciation expense. However, depreciation does not require the use of current financial resources and therefore is not reported in the governmental fund statements. (97,253,456) In the statement of activities, only the gain on the sale of capital assets is reported, whereas in the governmental funds, the proceeds from the sale increase financial resources. Thus, the change in net assets differs from the change in fund balance (9,943,813) In the statement of activities, the loss due to impariment is reported, whereas in the governmental funds, the loss is not reported because there is no reduction in current financial resources. Thus, the change in net assets differs from the change in fund balance (38,158,797) 130,951,861 Report as a liability long-term debt obligations Debt provides current financial resources to governmental funds, but issuing debt increases long-term liabilities in the statement of net assets and does not result in a revenue. Current year face value of debt issued (358,677,272) Governmental funds report the premium and discount on debt issues as revenue, but in the statement of activities these amounts are amortized to interest expense. Current year (premium) discount on debt issued (6,243,423) Current year amortization of premium / discount 1,934,956 Governmental funds report the effect of gains and losses on refundings when the debt is first issued, but in the statement of activities these amounts are deferred and amortized. Current year amortization of deferred refunding gain / loss (827,588) Retirement of capital assets Debt issuance Amounts reported for governmental activities in the statements of activities are different because: Acquisition of capital assets from contributions do not generate current financial resources and therefore are not reported in the governmental fund statements as revenue. Acquisition of capital assets Depreciation expense I-14 This is trial version www.adultpdf.com PALM BEACH COUNTY, FLORIDA Reconciliation of the Statement of Revenues, Expenditures, and Changes in Fund Balances of Governmental Funds to the Statement of Activities - Governmental Activities For the fiscal year ended September 30, 2008 Repayment of debt principal is an expenditure in the governmental funds, but the repayment reduces long-term liabilities in the statement of net assets and does not result in an expense. 127,055,689 The change in accrued liabilities reported as long-term obligations do not require the use of current financial resources and therefore are not reported in the governmental fund statements. (Increase) Decrease in arbitrage 'long term' accrued liability Net (Increase) Decrease in total arbitrage liability (2,141,361)$ Arbitrage fund liabilities paid during the year 1,870,786 (270,575) (Increase) Decrease in Net OPEB Obligation liability (11,515,769) (Increase) Decrease in claims and judgements liability 1,185,862 (Increase) Decrease in fire rescue disability plan liability 8,157,329 (Increase) Decrease in compensated absences liability (10,100,379) (249,301,170) Report other adjustments for converting from modified accrual to full accrual Net Increase (Decrease) in deferred issue costs: Current year debt issue costs deferred 2,725,396 Current year amortization of deferred issue costs (666,184) 2,059,212 Increase (Decrease) in inventory 184,423 Increase (Decrease) in accrued interest receivable (27,970) Increase (Decrease) in Net OPEB Obligation Asset 2,871,983 (Increase) Decrease in due to other governments 7,680 (Increase) Decrease in accrued interest payable (1,362,877) (Increase) Decrease in deferred revenue 10,676,475 14,408,926 Change in net assets of governmental activities (page 5) 3,626,098$ Debt retirement I-15 This is trial version www.adultpdf.com PALM BEACH COUNTY, FLORIDA Statement of Net Assets Proprietary Funds September 30, 2008 Water Airports Utilities ASSETS Current assets: Cash and cash equivalents 46,749,141$ 49,455,783$ Cash and cash equivalents - restricted 13,088,266 21,971,309 Interest receivable - restricted - - Interest receivable - 813,900 Accounts receivable, net 862,151 14,548,560 Due from other county funds 256,147 34,615 Due from other governments 1,201,685 768,300 Due from component unit - - Inventory 989,563 6,809,057 Current portion of other receivable 107,292 750,543 Other assets 1,038,117 274,058 Total current assets 64,292,362 95,426,125 Noncurrent assets: Restricted assets: Cash and cash equivalents 19,540,444 1,601,642 Cash with fiscal agent 19,665,716 - Investments - - Accounts receivable, net 1,421,275 - Total noncurrent restricted assets 40,627,435 1,601,642 Capital assets: Land 95,231,826 15,510,469 Buildings 313,840,313 103,715,377 Improvements other than buildings 175,607,230 1,118,057,530 Furniture, fixtures and equipment 38,487,892 74,452,182 Leasehold interest - 12,010,002 Goodwill - 7,131,703 Intangible - easement rights 13,754,957 1,660,856 Accumulated depreciation and amortization (282,733,138) (384,987,790) Construction in progress 30,769,763 12,457,464 Total capital assets 384,958,843 960,007,793 Investments - - Investment in joint venture - 33,340,114 Loans receivable, noncurrent 712,267 17,751,723 Deferred issuance costs 1,896,351 1,405,353 Due from other governments - 150,707 Other assets - - Total noncurrent assets 428,194,896 1,014,257,332 Total assets 492,487,258$ 1,109,683,457$ Business-type Activities - The notes to the financial statements are an integral part of this statement. I-16 This is trial version www.adultpdf.com Enterprise Funds Governmental Activities Solid Waste Internal Authority Totals Service Funds 106,414,556$ 202,619,480$ 99,827,846$ 134,582,920 169,642,495 - 820,814 820,814 - 208,243 1,022,143 - 14,386,183 29,796,894 2,000,424 1,606,088 1,896,850 6,732,906 - 1,969,985 309,322 - - 3,706 369,413 8,168,033 1,335,815 301,577 1,159,412 - 1,176,076 2,488,251 4,427,242 259,865,870 419,584,357 114,637,261 28,861,040 50,003,126 - - 19,665,716 - 21,149,922 21,149,922 - - 1,421,275 - 50,010,962 92,240,039 - 50,795,763 161,538,058 - 250,756,564 668,312,254 127,632 91,406,367 1,385,071,127 512,286 143,351,396 256,291,470 98,841,564 - 12,010,002 - - 7,131,703 - - 15,415,813 - (237,349,349) (905,070,277) (67,147,314) 100,124,725 143,351,952 - 399,085,466 1,744,052,102 32,334,168 1,861,010 1,861,010 - - 33,340,114 - 1,599,147 20,063,137 - 1,264,838 4,566,542 - - 150,707 - 7,443 7,443 - 453,828,866 1,896,281,094 32,334,168 713,694,736$ 2,315,865,451$ 146,971,429$ I-17 This is trial version www.adultpdf.com [...]... the Commission Financial Statements may be obtained from the Commission B Basic Financial Statements The County‟s Basic Financial Statements contain three components; government-wide financial statements, fund financial statements and notes to the financial statements Government-wide financial statements - The government-wide financial statements provide an overview of the County‟s financial position... COUNTY, FLORIDA NOTES TO THE FINANCIAL STATEMENTS SEPTEMBER 30, 2008 accounting indicates the timing of transactions or events for recognition in the financial reports The government-wide and proprietary fund financial statements are presented using the economic resources measurement focus and the accrual basis of accounting The governmental fund financial statements are presented using the current financial. .. in qualified public depositories pursuant to the Florida Statutes, Chapter 280, "Florida Security for Public Deposits Act" and are covered by either federal depository insurance or collateral held by the Chief Financial Officer of Florida This is trial version www.adultpdf.com I-36 PALM BEACH COUNTY, FLORIDA NOTES TO THE FINANCIAL STATEMENTS SEPTEMBER 30, 2008 In the event of a default by a qualified... U.S Government securities This is trial version www.adultpdf.com I-37 PALM BEACH COUNTY, FLORIDA NOTES TO THE FINANCIAL STATEMENTS SEPTEMBER 30, 2008 All investments are reported at fair value except for the following which are reported at amortized cost as permitted by GASB Statement No 31, Accounting and Financial Reporting for Certain Investments and for External Investment Pools: Local Government... (22,661,728) (23,846) 9,610,327 (250,000) 6,473,000 (6,345,000) (26,680) 265,996 434,881,832 93,582,915 269,858,516 $ 441, 930,8 17 $ 99,827,846 This is trial version www.adultpdf.com I-23 PALM BEACH COUNTY, FLORIDA Statement of Cash Flows Proprietary Funds For the fiscal year ended September 30, 2008 Business-type Activities Airports Water Utilities (2,627,868) $ (4,955,782) 22,368,839 (33,426) - 37,105,975... EQUITY I-111 21 SUBSEQUENT EVENTS I-111 This is trial version www.adultpdf.com I-27 PALM BEACH COUNTY, FLORIDA NOTES TO THE FINANCIAL STATEMENTS SEPTEMBER 30, 2008 1 SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES The financial statements of the Palm Beach County, Florida reporting entity (the County) have been prepared in conformity with accounting principles generally accepted in the United... Organization (MPO) – This organization was created by Palm Beach County Resolution 79-1684 pursuant to Section 334.215, Florida This is trial version www.adultpdf.com I-30 PALM BEACH COUNTY, FLORIDA NOTES TO THE FINANCIAL STATEMENTS SEPTEMBER 30, 2008 Statutes, as amended by Section 339.175, Florida Statutes The members of the MPO are appointed by the Governor and consist of five members of the Board of... – This Board was created pursuant to Palm Beach County Resolution 96-805D, as amended by This is trial version www.adultpdf.com I-31 PALM BEACH COUNTY, FLORIDA NOTES TO THE FINANCIAL STATEMENTS SEPTEMBER 30, 2008 Resolutions 96-1539D and 97-510Dm as a result of the enactment by the Florida Legislature of the Workforce Florida Act of 1996 Members of the board are appointed by the Board of County Commissioners... 53,967,827 333,052,083 1,555,074,401 $ 85,987,453 5,352,332 $ 1,560,426,733 This is trial version www.adultpdf.com I-19 PALM BEACH COUNTY, FLORIDA Statement of Revenues, Expenses, and Changes in Fund Net Assets Proprietary Funds For the fiscal year ended September 30, 2008 Business-type Activities Water Utilities Airports Operating revenues: Charges for services Miscellaneous $ 62,068,302 2,404,699 Total... 96,223,265 2,152,928 276,781,227 $ 83,834,525 333,052,083 $ 85,987,453 1,079,212 $ 97,302,477 This is trial version www.adultpdf.com I-21 PALM BEACH COUNTY, FLORIDA Statement of Cash Flows Proprietary Funds For the fiscal year ended September 30, 2008 Business-type Activities Water Utilities Airports Cash flows from operating activities: Cash received from customers Cash received from other funds for . version www.adultpdf.com PALM BEACH COUNTY, FLORIDA Statement of Revenues, Expenditures, and Changes in Fund Balances Governmental Funds For the fiscal year ended September 30, 2008 Fire General Rescue Sheriff. version www.adultpdf.com PALM BEACH COUNTY, FLORIDA Statement of Revenues, Expenses, and Changes in Fund Net Assets Proprietary Funds For the fiscal year ended September 30, 2008 Water Airports Utilities Operating. trial version www.adultpdf.com PALM BEACH COUNTY, FLORIDA Statement of Cash Flows Proprietary Funds For the fiscal year ended September 30, 2008 Water Airports Utilities Cash flows from operating